TransAtlantic purchased Longe Energy Limited ("Longe") in December 2008. Longe owned and operated drilling rigs and had field services business. Later, TransAtlantic renamed this entity, Viking International Ltd.
The acquisition of drilling rigs and service equipment expanded the Company's opportunity to increase acreage in Turkey and Morocco. Because the availability of drilling rigs and service equipment is limited in country, the Company believes third parties may seek out TransAtlantic to participate in their licenses on terms favorable to the Company. TransAtlantic does not believe these opportunities would exist if it did not own its own drilling rigs and service equipment. With the acquisition of Incremental Petroleum in March 2009, TransAtlantic expanded its rig fleet from four to seven drilling rigs.
TransAtlantic's modern fleet of drilling rigs serve as a catalyst for the Company's growth. By controlling a drilling fleet, the Company can develop its existing reserves and explore for new reserves. This provides TransAtlantic with a competitive advantage, especially when the supply of rigs is scarce in Turkey and Morocco.
More information can be found at Viking's website. For photos of Viking's rigs and equipment, please visit the gallery.
The acquisition of drilling rigs and service equipment expanded the Company's opportunity to increase acreage in Turkey and Morocco. Because the availability of drilling rigs and service equipment is limited in country, the Company believes third parties may seek out TransAtlantic to participate in their licenses on terms favorable to the Company. TransAtlantic does not believe these opportunities would exist if it did not own its own drilling rigs and service equipment. With the acquisition of Incremental Petroleum in March 2009, TransAtlantic expanded its rig fleet from four to seven drilling rigs.
TransAtlantic's modern fleet of drilling rigs serve as a catalyst for the Company's growth. By controlling a drilling fleet, the Company can develop its existing reserves and explore for new reserves. This provides TransAtlantic with a competitive advantage, especially when the supply of rigs is scarce in Turkey and Morocco.
More information can be found at Viking's website. For photos of Viking's rigs and equipment, please visit the gallery.
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